SAN DIEGO—In supporting the expansion of biotechnology, the Sorrento Valley submarket of San Diego has the potential to create new high-wage jobs and boost the local economy, OncoSec's CEO and president Punit Dhillon tells GlobeSt.com. OncoSec, a cancer immunotherapy biotech company, just consolidated its three locations into one San Diego headquarters in Sorrento Valley.

Local biotech attracted $494.5 million of venture-capital funding last year and, according to a report put out by DTZ, local job creation is expected to grow 2.5% from April 2015 to April 2016, a representative of OncoSec tells GlobeSt.com. As a result, industrial vacancies in Sorrento Valley—the city's hub for biotech headquarters—are at a record low. The Valley's close proximity to multiple health organizations and institutions including the Scripps Research Institute and the University of California, San Diego are part of the draw, as is the strong community of biotech companies located in the Valley, such as Pfizer, Illumina, Optimer Pharmaceutical and Genway Biotech. 

GlobeSt.com spoke exclusively with Dhillon about biotech's impact on the industrial market in Sorrento Valley and on the local economy as a whole.

GlobeSt.com: What impact is biotech having on the industrial market in Sorrento Valley?

Dhillon:The biotech boom in Sorrento Valley is impacting the industrial market in a positive way. As biotechs become closer in proximity to each other, this lends to a more collaborative environment and opportunities to work with other companies trying to achieve the same goals. The increased number of biotechs in this area allows companies to bring their complementary competencies together with the mission of advancing their respective technologies and bringing products to the market. San Diego is notorious for biotech companies getting to a certain stage, and then upon a successful exit (i.e., commercialization or M&A), moving out of San Diego. By working together to advance our technologies and clinical pipelines, we can establish more interdependent relationships and grow our presence as a community. The end goal of developing safer and more effective treatments to help the lives of patients is dependent on partnerships to bring a product to commercialization. Therefore, growth and collaborations in biotech will continue to have a positive impact on the industrial market.

GlobeSt.com: How is biotech impacting other sectors of the market (e.g., office, multifamily, retail) in this submarket?

Dhillon: Biotechnology continues to help improve the way we live, and it helps us do so more responsibly. As a result of increased biotechs in the area, people who work in other sectors are more mindful and conscious of their own company's environmental, health, and safety impacts in the community. The biotech offices that are built today include innovative solutions to minimize the company's environmental footprint and maximize efficiency. These considerations are upheld for future tenants—no matter what sector they're in. 

GlobeSt.com: What options do industrial tenants and developers have in Sorrento Valley now and moving into the future?

Dhillon: The migration from off-site suburban campuses to biotech clusters allows tenants to more easily collaborate with prominent academic organizations and other biotech companies. It also allows companies to continue to advance their pipelines with a wealth of resources within their immediate reach. For developers, there is unlimited potential to keep growing the biotech community in Sorrento Valley. With leading medical and life-science establishments nearby, such as the Salk Institute for Biological Studies, J. Craig Venter Institute, and the Scripps Research Institute, Sorrento Valley will continue to be a draw and hub for biotechnology development for years to come.

GlobeSt.com: What else should our readers know about this topic?

Dhillon: In supporting the expansion of biotechnology, Sorrento Valley has the potential to create new high-wage jobs and boost the local economy. By consolidating our three locations into one headquarters in Sorrento Valley, we're building the talent, culture, and teamwork that are essential to the future success of our company.